Veteran-Owned Small Business (VOSB) is a program established by Small Business Administration to provide preferential consideration for certain government contracts. The program is designed to acknowledge and reward the service and dedication of veterans by offering them unique opportunities in the world of business. The program is part of the government’s commitment to support veterans and their economic empowerment, encouraging entrepreneurship among those who have served in the military.
To qualify for VOSB program, a business must fulfill specific eligibility requirements. Primarily, it must be a small business as per the size standard corresponding to any North American Industry Classification System (NAICS) code listed in the business’s System for Award Management (SAM) profile. Moreover, at least 51% of the business should be owned and controlled by one or more veterans.
In the event of a veteran being permanently and totally disabled and unable to manage the daily business operations, their business may still qualify. The business can still be considered for VOSB if a spouse or an appointed, permanent caregiver assists in business management. The full list of eligibility requirements provides more comprehensive details about the program. In essence, VOSB is a notable initiative, highlighting the government’s efforts to give back to veterans in the form of business opportunities.
